INTEGRATED OMBUDSMAN SCHEME

NEWS: Reserve Bank of India (RBI) issued Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2026 will come into effect from July 1, 2026.

about

• Aim: To provide a cost-effective, expeditious, non-adversarial alternate grievance redress mechanism for the resolution of complaints against Regulated Entities.
• RBI Ombudsman: RBI may appoint one or more of its officers as RBI Ombudsman and RBI Deputy Ombudsman, generally for a period of three years.
• Centralised Receipt and Processing Centre (CRPC): To be established by RBI to receive and process the complaints
• Nodal Officer: Regulated Entity shall appoint a Principal Nodal Officer at their head office for furnishing information on its behalf in respect of complaints filed.

Powers of Ombudsman:

• No limit on dispute amount that can be brought before RBI Ombudsman.
• Power to provide a compensation up to ₹30 lakh.

REGULATION

• Grounds of Complaint: Act or omission of a Regulated Entity resulting in deficiency in service.
• Appeal: Regulated Entity or Complainant may file an appeal before the Appellate Authority within 30 days.